Tag Archives: Tax Problem Solutions

Follow the Tax Rules When You Borrow From Your Corporation

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised … Continue reading

Posted in IRS Compliance | Tagged , , , | Comments Off on Follow the Tax Rules When You Borrow From Your Corporation

What Are Your Audit Odds?

Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business … Continue reading

Posted in IRS Tax Audit | Tagged , , , , | Comments Off on What Are Your Audit Odds?

The Chances of Being Audited

  An IRS Tax Audit can be one of the scariest situations a person or business can face. Often times the IRS has a distinct advantage because the average person doesn’t know enough tax law to defend him/herself against an … Continue reading

Posted in IRS Tax Audit | Tagged , , , , , | Comments Off on The Chances of Being Audited

Audit Target: The Sole Proprietor

Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the number one target of audits are those tax returns with a Schedule C for small business … Continue reading

Posted in IRS Tax Audit | Tagged , , , , , , | Comments Off on Audit Target: The Sole Proprietor

Tips for an IRS Audit

  While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion. The IRS auditor does these audits every day. They know what to look for … Continue reading

Posted in IRS Tax Audit | Tagged , , , | Comments Off on Tips for an IRS Audit

Failure to File or Pay Penalties: Additional Four Facts

    The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides … Continue reading

Posted in Late Filing of Tax Returns, Tax Penalties | Tagged , , , , | Comments Off on Failure to File or Pay Penalties: Additional Four Facts

Failure to File or Pay Penalties: The First Four Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the … Continue reading

Posted in Tax Penalties | Tagged , , , , , | Comments Off on Failure to File or Pay Penalties: The First Four Facts

Avoid Future Tax Problems: Start Planning Next Year’s Tax Return Now

  For most taxpayers, the tax deadline has passed. But planning for next year can start now. Being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next … Continue reading

Posted in Tax Changes | Tagged , , , , | Comments Off on Avoid Future Tax Problems: Start Planning Next Year’s Tax Return Now

Are you Using the Correct Filing Status When Filing Your Income Tax Return?

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether … Continue reading

Posted in IRS Compliance | Tagged , , , , , | Comments Off on Are you Using the Correct Filing Status When Filing Your Income Tax Return?

Audit Rates for S Corporations and Partnership Returns

Having a small business is itself a flag of sorts. Some people use small businesses as a tax dodge, a way to write off expenses, and so the IRS keeps a close eye on small-business owners. Other factors that may … Continue reading

Posted in IRS Tax Audit | Tagged , , , , | Comments Off on Audit Rates for S Corporations and Partnership Returns